BSA/AML Software Model Validation

Our examiners are recommending that we have a third party validate our BSA/AML software model, including settings and parameter assumptions. We have been using Verafin for a few years. If you have undergone this process:

*Do you mind sharing who performed your most recent validation?

*Do you have list of the procedures they performed?

*How often do you have a third party perform the model validation?

*Were you satisfied with their work?

*Do you also outsource your BSA/OFAC audit?

Feel free to respond here or you can email me at delston@bayportcu.org.

Thanks,

Dan Elston
BayPort CU